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Proven Methods For Maximizing Business Efficiency

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StrategyDriven Managing Your Business Article | Business EfficiencyIn order for any business to reach its potential, it will need to be operating at maximum efficiency. The company will be held back if the business processes are not as streamlined and efficient as possible, but identifying ways in which you can improve the efficiency of the company is a huge challenge, particularly when it is a complex operation. It can also be hard to judge when it is your own company, but there are a few ways in which you could identify areas and make improvements which could help your company to improve efficiency and find greater success.

1. Analyze Each Process

First, it is a good idea to look at each process in the business and identify if there could be ways to improve. List every process no matter how big or small and carefully consider if this is the most efficient way to perform this task.

2. Speak With Staff

It is also helpful to speak with your staff about areas in which there could be improvements made. It is the employees that know the challenges of the operation better than anyone else as this is the work that they are doing each and every day. Listening to your staff and making their role easier can also do wonders for morale and job satisfaction.

3. Upgrade Technology

Due to the rate that technology evolves, the majority of businesses are operating on technology which is not top of the range. Upgrading your tech can significantly increase the efficiency of your operation and maybe even improve the quality of the product and service that you provide.

4. Delegate

When you set up a small business, it is understandable that you want to retain control over each aspect of the operation. Ultimately, this is not the most efficient way of working. Instead, you need to put trust in your staff to handle responsibilities through delegating. This can be effective as it frees up more time for you to focus on areas to improve the business.

5. Outsource

Following on from this, there are also business tasks which should be outsourced to experts to improve efficiency. The best example of this is accounting as this is a highly critical area of business. Using a recognized firm like Del Real Tax accounting services can improve efficiency while maximizing profits for the company. It could make a big difference in the success of your company.

6. Look After Staff

Efficiency will always come down to staff productivity, so you need to identify ways to keep morale high and incentives your employees. This could include positive feedback, rewards for hit-ting targets, company events and offering training and development for staff.

When a business can find ways to improve their efficiency, they can go on to maximize profit while simultaneously making work easier and more enjoyable for staff. It can be a big challenge to improve efficiency, especially for large, complex operations, but the above are all highly effective methods to use which could transform an entire business when used in combination together.

Become A Master Entrepreneur With These Tips

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StrategyDriven Managing Your Business Article | EntrepreneurshipBeing in charge of your own company is a thrilling experience, but it also brings a lot of challenges with it. Know that with a little extra effort and focus you too can become a master entrepreneur and improve your leadership skills.

Your business will thrive and you’ll have a much more successful career when you take your role seriously and are always working on advancing your abilities. If this has always been a dream of yours then commit to working hard and stopping at nothing to watch your business develop and grow over the years. Enjoy the ride and remember why you entered the industry in the first place when you experience any obstacles.

Follow Your Passion

You’re more likely to become a master entrepreneur when you follow your passion and are doing what you love. You want to wake up each morning with a positive attitude and outlook and be excited about taking on the day ahead. This is your chance to create a unique and rewarding path for yourself and work a job that actually satisfies you. It won’t be worth it if you’re following someone else’s dream or aren’t fully dedicated to and believe in your products or services. Ask yourself a few questions to help you determine if it’s the path for you:

  • Does it make me happy?
  • Am I solving a problem?
  • Can I see myself doing this every day for the rest of my career?
  • Have I always wanted to be my own boss?

Create A Plan

You’ll be much better off as an entrepreneur and business owner when you create and follow a plan of attack. Trying to wing it and make decisions based on your emotions will likely backfire on you in the long run. It’s important to document your goals and strategies for how you’re going to achieve your objectives. Keep in mind that you can always alter your approach or make changes as time goes on and you notice changes in the market or business landscape.

You’ll thank yourself for having these details recorded down when you get busy and become distracted and need to refer back to them. Stick to the strategy when you’re dealing with uncertainty, and you’ll be likely to dig yourself out of a hole quickly without much trouble. Use your plan to help you stay on track for the future and make sure everyone on your team is working toward the same end goals.

Find and Engage with the Right Customers

You can also become a master entrepreneur when you take the time to find and engage with the right customers. If you’re unsure of how to approach this endeavor, then consider working with a company that can help you achieve your goals in this area. Go online to learn more so you can better target buyers and understand their behaviors and intentions in greater detail. Wasting your time going after those who aren’t truly interested in spending their money with you is only going to hurt your business over time. You need to be sure that you’re attracting and engaging with the right customers on a regular basis. Be glad to know there are methods out there that can help you do this the correct way, so you get the results you desire.

Learn to Problem Solve

You can’t always be looking to others for answers when you’re in charge of your own business. Being an entrepreneur will require you to problem solve and come to conclusions all by yourself. Master your role as a business owner by thinking through what’s in front of you and avoiding assuming or relying on others to always give you advice. You’re going to be faced with a lot of different dilemmas as an entrepreneur and will want to have the confidence to work through these complicated matters on your own time and be able to apply your analytical thinking skills.

Get Involved in the Hiring Process

It’s not a wise idea to get so busy building your business that you don’t make time to insert yourself in the hiring process. This is your business, and you should want to be involved in and feel assured that you’re bringing the right people into your company to help you. Take time to read through resumes, ask the right questions in interviews and gather input from your other teammates before extending an offer. Become a master entrepreneur by building a successful and engaging company culture and team of people who can identify with your vision and goals.

Take Calculated Risks

Part of your job as an entrepreneur will be to not always feel comfortable or play it safe. Unfortunately, you should get accustomed to experiencing uncertainty and having to spend time figuring out your best calculated risk depending on each situation that you’re faced with. Become a master business owner when you can quickly determine which approach will be best for your business at the time given all the facts and possible outcomes. It may feel strange to get in the habit of having to make decisions without feeling completely confident you’re making the right move, but the best you can do is simply to go for it and learn from your mistakes going forward.

Address Complaints and Issues

Looking the other way assuming all is going well when it’s not will likely cause you more headaches down the road. Become a master entrepreneur by addressing complaints and issues as they arise and don’t put them off for another day. Your job as the leader is to practice honesty when it comes to your workplace and your company, and to figure out a game plan for how you can tackle any setbacks in a timely and professional manner.

Train your employees to notify you when problems arise that need to be properly managed. Also, gather feedback from your customers about how you’re doing as a business with addressing their issues and work to take care of them even faster and better going forward.

Mind The Gap! Can You Cover The Cracks In Your Company?

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Cracks have a habit of appearing where we don’t want them. Every homeowner has that unpleasant moment of realizing a new crack has appeared on the ceiling. And, we’ve all cussed about that crack in the road. These are irritating yet inevitable parts of daily life.

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After all, the moment a crack appears, your efforts risk falling down that chasm. Still, even the best entrepreneurs experience gaps in operations sometimes. This is especially likely when you start out and experience teething problems. Don’t fear, though. The appearance of company cracks doesn’t mean you’re doomed to failure. All you need to do is know how to cover them so that they don’t show to the public. Lucky for you, we’re going to look at a few primary problem areas, and what you can do about them.

Terrible team members

When you start your employment journey, you won’t know what you’re looking for. There’s every possibility that you could end up with less than perfect members on your team. It may be that they don’t have a great work ethic, or that they have a disagreeable manner. It may even be that they cause workplace ruptures. A team member like this can cause issues for everyone else in the office. That’s sure to have a knock-on impact. Then answer? Make sure to do thorough background checks before taking anyone onboard. Make an effort, too, to harness experts by offering training. And, if team members still let you down, don’t be precious about letting them go. Your business will be better for it.

Manufacturing messes

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Given your product is the main attraction, it’s also crucial to look out for cracks in manufacturing. These can come in a few different forms. It may simply be that you haven’t perfected a production method which works yet. Or, it may be that your machinery isn’t producing a clean-cut product. That first point is easy enough to cover over with a little careful planning and playing around. The latter isn’t quite as simple, though there is still a clear solution. If you aren’t achieving the finish you want, you should turn to someone like this manufacturer who offer precision equipment which is sure to be an improvement. Recalibrating your machines may also provide the precise measurements you’re after.

Delivery disasters

Many new companies also experience cracks in their delivery methods. This is terrible news as it directly impacts the customer experience. To make sure they don’t notice these problems, you need to focus your efforts here early on. Your best option by far would be to turn to an outsourced courier service like this one when you start out. This ensures your deliveries come from a professional and established company. As simple as that, you can put the risk of cracks here behind you, and see your deliveries on a smooth road to arrival.

The Ten Greatest Promotional Products of All Time

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StrategyDriven Marketing and Sales Article | Promotional ProductIn the 150 years since the modern era of promotional marketing began almost every class of product has been custom branded. But some products have endured better than the rest. Here we list the ten all time greatest promotional merchandise ideas based on their ongoing popularity and return on investment. In the last 20 years the way we do business has changed more than it did in the previous 130 years however these classic promotional gift ideas are still as popular as ever and to this day still comprise majority of orders placed with promotional retailers. The list from 1 to 10 is based on distributor sales volumes reported in the USA and Australia but there is some variation in the order depending on location and the time of year. Cost effective and practical, these ten promo classics continue to deliver for marketers the world over.

1. Pens

Even in this day with companies pushing towards paperless offices the classic ballpoint pen is a must have business accessory. Even with multi-application mobile phones and electronic messaging systems the first option people reach for when looking to take a quick note or write down contact details is a ballpoint pen. Their universal popularity is supported by the vast range of styles and price points on offer. Custom pens range from cheap giveaways costing less than 20 cents through to engraved gift options produced by world famous brands. People will rarely dispose of a working promotional pen so your bargain offering could hold its place for years, keeping your branding visible and your message in place.

2. Coffee Mugs

Just about everyone starts the day with a cup of their favourite hot beverage and often their emotional stability is dependent on its effect. Placed on a desk top a branded coffee mug carries unmissable branding. The right mug will become a regular part of the recipient’s day. Again, like all the most popular categories above the range of mugs available includes something for every situation and promotional opportunity. Coffee consumption continues to grow across the world and as a result promotional mugs are here to stay.

3. Bags

Promotional bags combine basic utility with high level branding and the bag you give away today at a conference filled with discussion papers and catalogues can be used tomorrow for shopping or to carry sports gear for a workout at the gym. It’s no surprise that retails hand out custom printed bags to their customers. Next time you’re in any shopping precinct have a look around at the carry bags people use to transport their purchases. The branding is unmissable and often these bags have a life after their primary use. And of course there are many styles of bags, from simple printed paper bags through to high end promotional luggage, backpacks and briefcases all of which have a specific use and share the traditional advantages of utility and high branding visibility common to all products in the category.

4. Badges & Pins

As a simple and cost effective way to display your membership and support for an organisation, or alternatively to provide a thank you gift to supporters an sponsors custom made lapel pins and badges are hard to beat. Considered jewellery items by some people and with usable lives which can surpass that of the people organising their production lapel pins are both cost effective and highly sought after. There is even an active collector community of people who trade and collect lapel pins so your design could become a cherished possession which takes pride of place.

5. Drink Bottles

The fact we all need to drink, a lot more often than we need to eat is one of the reasons promotional drink bottles have such broad appeal. Combining large scale custom branding with a low unit price the range of custom printed bottle styles available extends all the way from simple plastic sports bottles through to the latest vacuum insulated bottles. For the education industry, local sports teams and as corporate gifts to staff promotional bottles also have a green edge as they can be refilled over and over avoiding the need to buy bottled water. These eco-friendly credentials along with the unmissable branding ensure that promotional drink bottles will continue to be popular as long as humanity need hydration.

6. Wristbands

Since Lance Armstrong’s “Livestrong” initiative the humble silicone wristband has become a recognised symbol of emotional support and has since been adopted by a multitude of organisations looking to produce cost-effective giveaways and rewards for sponsors and supporters. For community organisations with a limited budget wristbands have become popular and effective fundraising items. As their popularity has grown manufacturers have come to the party and the range of styles, sizes and shapes has grown to the point now that there are enough different wristband models available that every organisation can choose a style which will represent their message.

7. Stress Balls

While some marketers view stress balls with scepticism but the reality is they are compact, fun 3D models which bring out the kid in a recipient while actually delivering a therapeutic benefit. It’s also cost effective to produce your own custom shaped stress balls and many manufacturers have found there are few better ways to make their clients aware of a new product offering than to produce a soft, #D model of their new product offering. Best of all people often keep a stress ball handy as an office mascot so your branding remains prominent

8. Confectionery

Everyone loves sweets and lollies or knows someone who does. A gift which appeals directly to the kid in all of us, promotional confectionery is the perfect low cost “thank you” gift. There are few better ways to leverage your investment in attending a convention or trade show than to hand out branded lollies at your stand. From salesmen hoping get a foot in the door, through to a small inexpensive giveaway to include with invoices which encourage prompt payment, custom branded bags of jelly beans and mints have an impact far beyond their cost.

9. Notepads

Combined with a pen there is no simpler or more widely used office item than a custom notepad. Sometimes, despite being surrounded by electronic equipment with the combined memory capacity or a public library the simple expedient of writing a quick note and leaving it in a prominent place is something no electronic device can replace. Custom printed notepads occupy a prime space on a desk and with a logo print on each page they move around the workplace with the messages they carry. There are few people in business who don’t reach for a notepad some time in each business day to scribble down a phone number or a reminder of some task that needs their attention when the time becomes available.

10. Key Chains

Key chains or “keyrings” as they are called in some regions of the Anglosphere are a practical item which have been utilised by promotional marketers for as long as promotional products have been produced. Not just a useful way to organise keys, a key chain is something people keep handy so your branding will always be kept close. In many ways the holy grail of promotional marketing is to provide people with a cost effective gift idea which will become a part of their daily activity and keyrings are a proven way to get your message into peoples’ hands for the long term.

There are hundreds of categories of promotional items. The ten listed above are in the opinion of the author then ten classic for which every marketer could potentially find a use. Tell us below what would make your list of all-time favourite promo products.

Business Politics Impacts – Cost of Employee Attrition

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StrategyDriven Business Politics Impacts Article | Employee AttritionThe staggering cost of employee turnover goes largely unrecognized. There is no financial statement line item, no general ledger entry, and no budget explicitly set aside for this expense that can cost evenly modestly sized companies well over a million dollars each year. Yet a significant portion of voluntary attrition is directly related to an abusive work environment created, in part, by excessive business politics. Thus, reduced workplace politics can directly improve the organization’s bottom line.

A company of 250 employees making an average of $43,000 per year experiencing a 20 percent attrition rate spends an estimated $2.15M on employee replacements annually.

Cost of Employee Attrition

The American Management Association estimates the cost of employee turnover as ranging from between 25 percent (for entry level employees) and 250 percent (for executive level employees) of the employees annual salary.1 These costs are derived from a multitude of sources including:

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